The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, year 2. are the following 1. The company has outstanding a $66,000, 9 percent, 2-year note payable issued on July 1 year 1. Payment of the $66,000 note, plus all accrued interest for the 2-year loan period, is due in full on June 30, year 3. 2. The firm is providing consulting services to Texas Oil Company at an agreed-upon rate of $830 per day. At December 31, 10 days of unbilled consulting services have been provided, a. Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. b. Assume that the $66,000 note payable plus all accrued interest are paid in full on June 30, year 3. What portion of the total interest expense associated with this note will be reported in the firm's year 3 income statement? c. Assume that on January 30, year 3. Gilbert, Marsh & Kester receive $25.000 from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January? Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar) Required A Required B Required Prepare the two adjusting entries required on December 31 to record the accrued interest expense and the accrued consulting revenue earned. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar.) View transaction list Journal entry worksheet 1 2 Record the accrued interest expense. Note: Enter debits before credits General Journal Debit Credit Transaction 1 Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Required A Required 8 Required Assume that the $66,000 note payable plus all accrued interest are paid in full on June 30, year 3. What portion of the total Interest expense associated with this note will be reported in the firm's year 3 income statement? Portion of the total interest expense Complete this question by entering your answers in the tabs below. Required A Required B Required Assume that on January 30, year 3, Gilbert, Marsh, & Kester receive $25,000 from Texas Oil Company in full payment of the consulting services provided in December and January. What portion of this amount constitutes revenue earned in January? Revenue eamed
